Hedge fund touts talks with CP

Hedge fund Pershing Square Capital Management, led by activist investor William Ackman, said Thursday it has held “productive” discussions with Canadian Pacific Railway.

In a regulatory filing, Pershing said talks have involved changes to Canadian Pacific's “business and operations, its executive management, and its board composition.” The hedge fund said there are no assurances Canada’s second-largest railroad will adopt any of its suggestions. Pershing on Oct. 28 first revealed it had taken a big stake in Calgary-based Canadian Pacific but didn't indicate whether it planned to push management for change.

Pershing owns a 12.4% stake in CP, whose shares are down 6% year-to-date.